Lincoln Woods Apartments 2333 SE 130th Ave 70 Unit Apartment Building $2,300,000 ($32,857/Unit) Portland, OR 97233

Lincoln Woods Apartments is a 70 unit 2007-built apartment, comprised of a rare mix of 1, 2, 3, 4, and 5 bedroom units. The complex includes an onsite management office, a laundry room, and a community room. The project has a courtyard with playground. All units are equipped with an oven/range combination with overhead fan, dishwasher, and refrigerator/freezer. The three-bedroom, four-bedroom, and five-bedroom units have a washer and dryer. All of the units have electric baseboard heaters and no air conditioning. All units have their own electric hot water heater. All units have a deck or patio. All units and common areas have a sprinkler fire protection system.
The project is subject to a separate Regulatory Agreement with the City of Portland (Portland Development Commission) that contains AMI restrictions at 30%/40%/50%/60% AMI. This LIHTC comes with a term of 60 years (effective through 2067).
This property can be sold separately or bundled with some additional assets in this general sub market. Contact brokers for more details. Prospective buyers must have a demonstrable experience in the Afforable housing world. This is a basis play, and offers a great value add opportunity for a buyer who can stabilize and act as a “bridge” prior to eventual resyndication.